August 5, 2020 - Newsfield GLOBAL

Group describes revelations from NDDC as nauseating

August 5, 2020 admin

A Niger Delta-based civil society organisation- Niger Delta Movement for Peace & Justice, has noted with great concern and total displeasure the ongoing massive looting, corruption, abuse of office and impunity in the Niger Delta Development Commission (NDDC) perpetuated by interim management committee under the supervision of the Minister of Niger Delta Affairs. In a statement signed by the National Coordinator of the movement, Comrade Etifit Nkereuwem, the group said the recent revelations of accusations, allegations and counter accusations and allegations by the Minister of Niger Delta Affairs and IMC against…

MAN: COVID-19, others may push investors out of Nigeria

August 5, 2020 admin

Following report by the board of Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited to divert its retail businesses and exit Nigeria, the Manufacturers Association of Nigeria (MAN) has warned that the action could lead to some foreign firms leaving the shores of the country post-COVID-19. Acting Director-General of MAN, Ambrose Oruche, dropped this hint in a chat with New Telegraph in Lagos, saying that lots of businesses have recorded huge revenue losses, especially in the manufacturing sector. Oruche said that the COVID-19 crisis had changed the strategic…

Vessels lift N113.6bn natural gas to Asia, Europe

August 5, 2020August 5, 2020 admin

Despite weak demand and low prices, Nigeria has commenced export of 675, 691 metric tonnes of liquefied natural gas valued at N113.6billion ($252.37million) this month to various destinations. The gas, which has started leaving Onne Port, is being ferried by 10 vessels as price hit $373.5 per tonnes in China. Although some cargoes have taken longer time to reach their destinations, while others are still idle at sea, data by the Nigerian Port Authority Shipping Position, however, revealed that LNG Bonny II left the Onne Port with 68,610 tonnes; Methane Princess, 61,309 tonnes;…

COVID-19: Firm rewards frontline workers for essential services

August 5, 2020 admin

In appreciation of frontline workers, who have been committed to the overall well-being of Nigerians during the COVID 19, the La Casera Company (TLCC) has disclosed plans to reward front line workers with the ‘La Casera Heroes.’ This initiative, the company said, was to celebrate and recognise frontline heroes that have been providing essential services since the first index case was reported in Nigeria early this year. Speaking at the gift presentation and the unveiling of the La Casera Heroes Campaign, the Managing Director, The La Casera Company, Chinedum Okereke,…

Labour faults irregular appointment into civil service

August 5, 2020 admin

Organised labour under the umbrella of Association of Senior Civil Servants of Nigeria (ASCSN) has deplored upsurge in irregular appointments in the federal public service. In a statement made available to Newsfieldglobal, the immediate past President of the association, Comrade Bobboi Kaigama, recalled that recruitment in the service had always been guided by the Public Service Rules (PSR) 020201-020412 with specific guidelines documented without being open ended. He, however, lamented that despite such rules tgere were still cases of irregular appointments/recruitments into the Federal Public Service including indiscriminate transfer of…

AIICO records 26% growth in gross written premium

August 5, 2020 admin

AIICO records 26% growth in gross written premium AIICO Insurance Plc has reported gross written premiums of ₦31.9 billion, representing 26 rise from the same period in 2019 (Q2’19: N25.4bn). The growth was driven by sustained positive performance across the major lines of business of the group. A statement made available to New Telegraph said the group’s shareholders’ funds increased by 9.39 per cent from N27.9 billion in 2019 to N30.5 billion, driven by the group’s earnings for the period and its strong matching of long term asset and liabilities,…

MTN seeks to sell stake in Jumia

August 5, 2020 admin

MTN Group Limited is planning to sell part or all of its $243 million interest in Jumia Technologies AG as Africa’s biggest wireless carrier looks to pay down debt and enter new markets. According to Bloomberg, MTN, which had previously marked the online retailer as a non-core business, is reviving plans for a sale after Jumia’s shares surged 142 per cent this year, recovering from a dip in 2019, one of the source familiar to the plan said. No final decisions about the sale have been made, the people…

NSE records midweek gain of N20bn

August 5, 2020 admin

Trading activities on the floor of the Nigerian Stock Exchange today closed on the positive route to maintain uptrend as bulls sustained grip on the local bourse for the fourth trading session following gains recorded by blue chip firms. The local bourse recorded18 gainers against 12 losers as market sentiments remained green. Consequently, the All-Share Index appreciated by 140.53 basis points or 0.16 per cent to close at 24,882.04 index points as against 24841.92 recorded the previous trading session while market capitalisation of equities grew by N20 billion from…

Stanbic IBTC female employees reach out to less privileged

August 5, 2020 admin

Stanbic IBTC Blue Women Network (BWN), a network of female employees of the Stanbic IBTC Group, has donated food items and provisions to orphanage homes in locations across Nigeria through its Blue Women, “Giving Back Initiative.” In a statement, the lender said that the BWN, inaugurated five years ago, has consistently taken steps towards helping the society at large, adding that part of the body’s mandate is to provide support to the disadvantaged, hence, the creation of its Giving Back Initiative. According to the statement, BWN members made voluntary cash donations…

Heirs Holdings appoints Okeke Group Executive Director

August 5, 2020 admin

Pan-African investment company, Heirs Holdings (HH), has announced the appointment of Dan Okeke as Group Executive Director. In a statement, the company said the appointment took effect from August 1, 2020. According to the statement, “Mr. Okeke joins HH following a distinguished three-decade career at the United Bank for Africa Plc (UBA), where he most recently served as an Executive Director, responsible for leading consumer, commercial and public-sector businesses. “At HH, he will be responsible for business coordination and growth across Heirs Holdings’ portfolio of pan-African investments in the…